Nasdaq 100 Hits Record Above 30,000 On Micron's 18% Rally: Stock Market Today

The Nasdaq 100 crossed the 30,000-point threshold during Tuesday's intraday session as a powerful semiconductor rally swept across Wall Street, led by Micron Technology Inc. (NASDAQ:MU), with shares that surged 18% — putting the stock up more than 200% year-to-date and on track for its best trading day since April 2025.

The move came as Wall Street analysts continued lifting expectations for AI-related spending by hyperscalers, triggering a fresh wave of price-target hikes across companies tied to artificial intelligence infrastructure.

• Micron Technology stock is approaching key resistance levels. What’s driving MU to record levels?

UBS analyst Timothy Arcuri lifted Micron’s price target to $1,625 from $535, the highest forecast on Wall Street, calling for $100-plus EPS power between 2027 and 2029 driven by AI memory demand. The move took Micron’s market capitalization above $1 trillion for the first time. 

Aside from Micron, semiconductor stocks dominated market leadership.

The five top-performing stocks in the S&P 500 on Tuesday were all chip-related names, while SanDisk Corp. (NASDAQ:SNDK) and Western Digital Corp. (NASDAQ:WDC) extended their near-parabolic rallies, each gaining roughly 9% on the session.

By 12:45 p.m. ET in New York, the S&P 500 rose 0.6% to 7,517, while the Dow Jones Industrial Average bucked the trend and fell about 100 points, or 0.2%, to 50,478.

The Nasdaq 100 jumped 1.1% to 29,812, on pace to notch a fresh record-high closing. The Russell 2000 outperformed, surging 1.7% to 2,918, hitting fresh record highs.

Tuesday’s Performance In Major U.S. Indices

According to the Benzinga Pro platform:

• The Vanguard S&P 500 ETF (NYSE:VOO) rose 0.6%.
• The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) slipped 0.2%.
• The Invesco QQQ Trust (NASDAQ:QQQ) climbed 1.1%.
• The iShares Russell 2000 ETF (NYSE:IWM) rallied 1.7%.

Chip Stocks Power Tech Boom As Micron Crosses $1 Trillion

The session’s standout was the Technology Select Sector SPDR Fund (NYSE:XLK), which jumped 2.3% to lead all S&P 500 sectors, fueled by a powerful rotation back into semiconductors.

On the laggards’ side, the Energy Select Sector SPDR Fund (NYSE:XLE) fell 1.7% as crude prices tumbled, while the Consumer Staples Select Sector SPDR Fund (NYSE:XLP) declined 1.1% on weakness in defensive names.

The iShares Semiconductor ETF (NASDAQ:SOXX) soared 4.8%, on its fifth straight session of gains, pushing its year-to-date return past 80%.

Micron’s 18% spike lifted peers across the supply chain: Amkor Technology Inc. (NASDAQ:AMKR) jumped 12.3% on no company-specific catalyst, with the move tracking the broader semiconductor rally and an announced cash dividend. 

Allegro MicroSystems Inc. (NASDAQ:ALGM) rose 9.1% on sympathy buying with no fresh news in the tape, while ON Semiconductor Corp. (NASDAQ:ON) climbed 8.7%, also lifted by the chip rotation with no confirmed individual catalyst. Amphenol Corp. (NYSE:APH) added 8.4%.

Among industry highlights, the Invesco WilderHill Clean Energy ETF (NYSE:PBW) soared 4.7%, with PBW now up nearly 18% month-to-date as small-cap solar and battery names ripped higher alongside the broader risk-on tone.

The U.S. Global Jets ETF (NYSE:JETS) gained 3.7% as cheaper jet fuel and the Iran deal narrative boosted airlines, lifting American Airlines Group Inc. (NASDAQ:AAL) 6.8%. The iShares Biotechnology ETF (NASDAQ:IBB) climbed 0.5% in a modest uptick.

On the downside, AutoZone Inc. (NYSE:AZO) plunged 10.1% to $3,061.50, the worst Russell 1000 performer, after reporting fiscal third-quarter EPS of $38.07, beating the $36.65 consensus, but missing on revenue at $4.84 billion against the $4.88 billion estimate, with domestic same-store sales of 4.1% perceived as soft against elevated expectations. 

MongoDB Inc. (NASDAQ:MDB) dropped 6% as investors trimmed positions ahead of its May 28 earnings print.

Tuesday’s Russell 1000 Top Gainers

Tuesday’s Russell 1000 Top Losers

Photo: Shutterstock